US stocks gain in midday trading after Chinese market surges

U.S. stocks are rising in midday trading after China's main stock index logged its biggest gain in eight weeks. A report also showed that the U.S. economy expanded at a much faster pace than previously estimated.

The Dow Jones industrial average climbed 298 points, or 1.8 percent, as of 12:06 p.m. Eastern time on Thursday.

The Standard & Poor's 500 index gained 39 points, or 2 percent, to 1,980. The Nasdaq composite gained 99 points, or 2.1 percent, to 4,796.

Freeport-McMoRan jumped after the copper producer said it is cutting spending, production and jobs as it deals with declining copper prices.

Bond prices were little changed from Wednesday, keeping the yield on the benchmark 10-year Treasury note at 2.18 percent.

By Alex Veiga, AP Business Writer. Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The Gayly – August 27, 2015 @ 11:25am.